In this wild market it pays to be prepared for the worst. The first thing to do is to make sure you are working with a true investment property mortgages professional. I understand that rates and costs are very important considerations, but it is more important to make sure the loan will get closed on time. That means working with professionals, competent and professional. Second, make sure that you always keep details of all of the investment property mortgages documentation you provide to your lender. If the lender happens to run into trouble and you need to find another lender, you will be prepared. On the same note, make sure you get a blue print of the appraisal from your lender as soon as you can. If you have to find another lender you can forward this appraisal to them to help speed up the process.

Third, don’t panic and just run to the first investment property mortgages lender you see. If you are working with a professional loan officer, contact the said person or the said person and ask for advice. Chances are they are already working on taking care of their customers’ loans before you even know there is a problem. I had several investment property mortgages that were set to close in August. As soon as I knew there was a problem, I contacted my borrowers and assured them that I would find a lender to close their loans on time. Luckily, few national lenders, put plans in place to help these customers who found themselves suddenly without a lender. All of the investment property mortgages customers who chose to stay with me closed on time and at terms as good as, or better than, they had at mortgage company.

Some of my customers chose to contact another lender for their property mortgage. I heard from a few of them and, unfortunately, they received rates and fees higher than they should have gotten. When you panic and you're desperate, the chance of having someone take advantage of the investment property mortgages situation is greater.

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